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Mitsui ties up with Axis Bank to finance Yamaha bikes

Mitsui ties up with Axis Bank to finance Yamaha bikes in India

Apnaloan.com Research Bureau

11 Apr 2008

Mitsui
and Co. Ltd is starting a venture with Axis Bank Ltd to finance Yamaha bikes in
India.

The
company on March 5th, 2008 signed a deal with Yamaha Motor Co. Ltd
to set up a company to make motorcycles in India in April.

Mitsui
will own a 64 per cent stake in the company and Axis Bank 26 per cent, while the remaining 10 per cent
ownership will remain with Yamaha.

The joint
venture is likely to be christened Bussan Auto Finance Ltd. Mitsui's Indonesian
arm of auto finance is called P.T. Bussan Auto Finance (Indonesia). Bussan
will finance only Yamaha bikes in India.

As
reported by Mint, according to a senior ICICI Bank official, the two-wheeler
finance market in India
is worth about Rs.12,600 crore. ICICI Bank Ltd and Centurion Bank of Punjab, that was recently acquired by HDFC Bank Ltd, are
so far the major players in the market.

However,
other banks, including Axis Bank, also provide two-wheeler loans, although in a
smaller way.